On July 17, Sunshine Bancorp Inc., the parent company of Sunshine Bank, announced the purchase of two branch offices from First Federal Bank of Florida. The branches are located in Sarasota and Manatee counties.
A third branch belonging to First Federal Bank of Florida will later be consolidated into the Sarasota and Manatee branches.
Sunshine Bank will also be purchasing real estate property and other assets belonging to the branches. It is expected that these purchases will be completed in the fourth quarter of 2015.
According to Sunshine Bank President and CEO Andrew Samuel, the company is currently focused on growing in Florida and creating a community feel within all Sunshine Bank settings while providing customers with premier technology and service.
The first bank belonging to the company was built in Plant City in 1954. Samuel took over as president late last year. The India native has lead other banks with his value-based philosophy, including starting his own, Graystone Bank, which was acquired by Susquehanna Bank in 2012. This value-based emphasis was something Sunshine Bank’s board members were looking for when they tapped Samuel after the immediate past president, Floyd Hall, retired in October 2014.
“We at Sunshine want to be known as great relationship builders that are backed with great technologies,” Samuel said.
When Samuel first started as Sunshine Bank’s president, his goal was to grow the bank by targeting areas in a one-hour radius, while keeping its headquarters in Plant City. Sunshine Bank is divided into regions, with each one headed by a regional president. Polk County regional president David Houston is a lifelong resident of the area, and Guy Michael, the Greater Orlando area president, is a longtime resident of Orlando. Bruce Carr, of the Hillsborough region, has been with banks in that area for the last 10 years.
Samuel believes that having local leaders at each bank keeps the community focus and centralizes each county. The new branch purchases in Sarasota and Bradenton from First Federal Bank of Florida will also have local leaders.
“Anything involving customers is localized,” Samuel said. “It’s knowing the market, knowing bank leaders and seeing them out and about. We are a community bank. Our management team is comfortable in a community setting.”
When customers make a visit to Sunshine Bank, they like that they can talk to someone who knows the area, Samuel said. The bank is focused on treating customers as people, rather than a number.
Following the purchase of the branches in Sarasota and Manatee counties, which are expected to add approximately $56.4 million in deposits for a deposit premium of 1.80% and $8.3 million in loans at par value, the company will own ten branches and two loan offices throughout Florida. These offices are located throughout Sarasota, Orlando and Tampa. Sunshine Bank’s main office is located in Plant City, with other offices throughout Orange, Pasco and Polk counties.
A NEW LOOK
In January, Sunshine Bank began the first of two redesign phases that introduced a new logo.
The first phase was to make the signs a vibrant blue and orange, in addition to having them better placed on the bank’s property. According to bank president and CEO Andrew Samuel, the signs changed to reflect the legacy and the future of the franchise.
On June 30, Community Sun and Bank changed its signs to fit the Sunshine Bank logo as a result of acquisition.
The two branches that were purchased in Sarasota and Bradenton will likely receive the new signage change in October, pending regulatory approval.
“It reflects where we’re headed,” Samuel said.
Contact Emily Topper at etopper@plantcityobserver.com.